Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [56]. Core Insights - The company, 雷特科技, specializes in smart lighting control technology and product innovation, with its products widely used in high-end projects such as hotels and museums [5][25]. - In 2023, the company achieved a revenue of 175 million yuan, a year-on-year increase of 1.49%, with a net profit of 34.68 million yuan and gross/net profit margins of 44.95% and 19.80%, respectively [10][56]. - The report forecasts the company's net profit for 2024-2026 to be 36 million, 42 million, and 46 million yuan, respectively, with corresponding EPS of 0.92, 1.08, and 1.19 yuan per share [56]. Company Overview - 雷特科技 was established in 2003 and is recognized as a national high-tech enterprise, focusing on the R&D, production, and sales of smart power supplies and LED controllers [5]. - The company has developed a comprehensive product line including smart power supplies, LED control systems, and smart home products, catering to various intelligent needs [25][26]. - As of March 31, 2024, the company holds 131 patents, including 26 invention patents, and has a dedicated R&D team of 78 people [8]. Industry Insights - The smart lighting industry is currently in a blue ocean state, with rapid development in smart home applications [62]. - The market size for smart controllers in China is projected to reach 3.8061 trillion yuan by 2024, with a compound annual growth rate of 16.5% from 2015 to 2019 [75][131]. - The global smart controller market is expected to reach 1.9599 trillion dollars by 2024, reflecting a growing demand for intelligent solutions across various sectors [31][129]. Financial Performance - The company's revenue for 2023 was 175 million yuan, with a gross margin of 44.95% and a net margin of 19.80% [10][56]. - The report anticipates revenue growth to 205 million yuan in 2024, with a year-on-year growth rate of 16.8% [77]. - The company's R&D expenses have been increasing, accounting for 10.11% of revenue in 2023, up from 6.73% in 2021 [29][111].
雷特科技：北交所首次覆盖报告：智能照明“小巨人”，布局智能家居领域拓展业务边界